What is the FHSA?

Why should I consider opening an FHSA?

Your FHSA contributions can reduce your taxable income.

Any investment income in your FHSA is non-taxable while it’s in your plan. Invest in mutual funds, savings accounts, stocks, ETFs and more.

Pay no taxes on your withdrawals when you use your FHSA towards the purchase of a qualifying home. 

Who is eligible to open an FHSA?

How do I qualify to open an FHSA?

How can I withdraw my FHSA savings tax-free? 

 New to Canada?

You may be eligible to use the FHSA to save for your first home. You’ll need to be a Canadian resident for tax purposes with either a Social Insurance Number (SIN) or a temporary SIN. You also need to be considered a “first-time homebuyer”, which means that during the current or last 4 calendar years you haven’t lived in a “qualifying home” that you owned or jointly owned. 

Learn more about opening an FHSA as a newcomer Skip to FAQs.

How much can I contribute and withdraw from the FHSA?

$8,000 annual contribution limit

Your annual limit includes any transfers you make from an RRSP. You can carry forward unused portions of your annual contribution limit in any year up to a maximum of $8,000. 

$40,000 lifetime contribution limit

You must use your FHSA contributions within 15 years of opening the account, or by the time you turn 71 years old, whichever is sooner. After that time, you can transfer savings into an RRSP or RRIF or make a taxable withdrawal. 

No limit for qualifying withdrawals

If you qualify to use your savings towards the purchase of a qualifying home, you can withdraw money from your FHSA, tax-free. For the same home purchase, you may also be able to withdraw money from your RRSP Home Buyers' Plan.

How does the FHSA compare to other registered plans?

Show registered plan comparison

What is a registered plan?

A type of savings plan that allows you to hold and invest money on a tax-free or tax-deferred basis. These plans are like buckets for different types of savings and can hold various investment products like mutual funds, GICs, stocks and ETFs. Examples of a registered plan include an RRSP, a TFSA and now the FHSA.

Save for home ownership with diverse investments 

First home savings account

CIBC Non-Redeemable GIC

Earn predictable returns while you save for home ownership. You’ll get 100% of your original investment back, plus interest earned, at the end of the term.

First Home Savings Account

CIBC Savings

Easily access your money and earn high interest. Your original investment is guaranteed and you can switch to different investments including GICs and mutual funds.

All registered plans

CIBC Mutual Funds

Diversify your portfolio to meet your home ownership goals. With the help of your CIBC advisor, choose the CIBC mutual funds or CIBC portfolio solution that’s right for you.

Open your FHSA today

Invest with an advisor

Our advisors will help you open a CIBC Investment First Home Savings Account and choose the investments that will help you meet your goals.

Self-directed investing

Open your account online and build your portfolio with stocks, ETFs, mutual funds, GICs and more.

Learn more about the FHSA

Summary of the First Home Savings Account

Learn the basics of the FHSA including rules around contributions, transfers, withdrawals and more.

First Home Savings Account: An overview (PDF, 140 KB) Opens in a new window.

How the FHSA helps first-time homebuyers

Explore some of the benefits of the FHSA and how it compares to the RRSP Home Buyers’ Plan.

Learn more about the FHSA from Smart Advice

Your FHSA questions answered